Allianz Grows Alternative Risk Transfer Line to Asia Pacific

Allianz Global Corporate & Specialty SE (AGCS) has expanded its alternative risk transfer (ART) line of business to the Asia Pacific region while appointing Richard Green as regional head of ART, Asia Pacific.

AGCS said it has seen an increase in demand for alternative risk transfer solutions in the region as large companies seek to assume more control over their risk management and risk transfer. These companies turn to ART for solutions as they increasingly take on more risk that cannot be covered under traditional markets and look to protect themselves against losses that could cost millions of dollars.

Mark Mitchell, regional CEO, Asia Pacific, said, "Alternative risk transfer is not a new concept to the region, and we have had success with ART solutions here in the past. However, such business within Asia Pacific has traditionally required bringing in the expertise of colleagues from other regions. In light of the increasing awareness and demand for the value of ART solutions regionally, I believe the time is right to build a dedicated team around Richard Green to drive business and improve on our value proposition to clients."

Mr. Green has over 20 years of experience in alternative risk transfer and related fields. Based in Asia since 2005, he was most recently the regional head of ART and cyber insurance for a global broker and developed a wide range of solutions including residual value, weather parametrics, loss portfolio transfer, nondamage business interruption, and risk financing while in his previous role.

At AGCS, Richard will be responsible for underwriting execution of both the new ART line of business as well as capital solutions in Asia Pacific. He is also responsible for developing and executing global strategy for both ART and capital solutions line-of-business underwriting and business development in order to drive profitable growth within the region.